Arcadia Freezing Orders finally overturned
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The English High Court has set-aside a worldwide freezing order that Peter Bosworth, former CEO of the Arcadia Petroleum group, and Colin Hurley, former CFO, have endured for the past ten years
This is believed to be the longest period anyone has been subject to such an order. The freezing order arose from claims issued in 2015 by the Claimants, including Farahead Holding Limited, Arcadia Petroleum Limited and other companies controlled by Norwegian oil tanker billionaire John Fredriksen. These claims, which involved serious allegations of fraud, were comprehensively dismissed by the Court’s judgment dated 22 January 2025, in which Mr Justice Henshaw found the allegations to be unfounded and without merit.
The freezing order has had severe consequences for Mr Bosworth and Mr Hurley. As a result, they have been unable to work, source finance or secure investors for the new trading business they intended to establish after leaving Arcadia.
At a hearing on 10 February 2025, the Court also ruled that a trial of Mr Bosworth’s and Mr Hurley’s substantial claims for losses caused by the freezing order be scheduled for March 2026. Mr Bosworth and Mr Hurley welcome the opportunity to pursue these claims expeditiously.
Additionally, to reflect the fact that the case against them has been pursued without a proper basis and is considered “out of the norm”, the Court has ordered that the Claimants pay Mr Bosworth’s and Mr Hurley’s legal costs on the “indemnity basis”.
The ruling marks a significant victory for Mr Bosworth and Mr Hurley after a decade-long legal battle.